LegalPCF Group
Sprawozdanie Rady Nadzorczej i Komitetu Audytu z Działalności w 2021 Roku
1 Jun 202210 pages~21 min full read
The Audit Committee recommended that the Management Board establish an internal, non-outsourced audit unit by 2023 to address the lack of a formalized internal audit department in 2021.
See it on page 10The Supervisory Board approved the acquisition of Game On Creative Inc. as part of its 18 resolutions passed during four meetings held throughout the 2021 fiscal year.
See it on page 4The Board identified a gap in corporate governance, noting that the company lacked dedicated Risk and Compliance Directors during 2021, meaning internal control assessments were not based on formalized reports.
See it on page 9The Audit Committee held six meetings in 2021, focusing primarily on monitoring financial reporting processes, auditor independence, and the effectiveness of internal control systems.
See it on page 6PCF Group S.A. reported zero expenditures for sponsoring or charitable activities during the 2021 fiscal year.
See it on page 4The Supervisory Board confirmed that the company fulfilled its information obligations and adhered to the Best Practice for GPW Listed Companies 2021 following its 2020 initial public offering.
See it on page 3This report details the activities and assessments of the Supervisory Board and Audit Committee of PCF Group S.A. (People Can Fly) for the 2021 fiscal year. The primary purpose of the document is to provide oversight of the company’s operations, financial reporting, and corporate governance in compliance with the Best Practice for GPW Listed Companies 2021. The scope covers the consolidated operations of the Warsaw-based game development group throughout 2021, including its transition following its 2020 initial public offering.
The Supervisory Board held four meetings in 2021 with an average attendance of 80% to 100%, passing 18 resolutions. Key actions included approving the acquisition of Game On Creative Inc., selecting an auditor, and evaluating the 2020 financial statements. The Audit Committee met six times, focusing on monitoring financial reporting processes, auditor independence, and internal control systems. While the Board positively assessed the company’s internal control model as adequate and effective, it noted that this evaluation was not based on formalized reports, as the company lacked dedicated Risk and Compliance Directors during the period.
A significant finding is the absence of a formalized internal audit department in 2021. The Audit Committee recommended that the Management Board establish a separate internal audit unit by 2023, explicitly advising against outsourcing this function to ensure better integration with operational and procurement processes. Regarding corporate governance, the Board concluded that the company fulfilled its information obligations and adhered to stock exchange regulations. Finally, the report confirms that PCF Group did not engage in any sponsoring or charitable activities during 2021, reporting zero expenditures in these categories.
